Most of the Asian equity benchmarks are trading up in the early deals on Monday, boosted by stronger-than-expected economic growth in China and bets that lackluster US data will keep the Federal Reserve cautious about the pace of further policy tightening. Though, Mainland Chinese stocks tumbled on renewed concerns that the nation’s top policy makers will tighten the scrutiny of the financial industry. Among the other Asian markets, South Korea, Singapore, Hong Kong, Indonesia, Malaysia and Taiwan are all higher. The Japanese stock market is closed for the Marine Day holiday.
Hang Seng added 152.77 points or 0.58% to 26,542.00, Taiwan Weighted strengthen 13.08 points or 0.13% to 10,456.99, KOSPI Index increased 8.99 points or 0.37% to 2,423.62, FTSE Bursa Malaysia KLCI gained 0.44 points or 0.03% to 1,755.44, and Straits Times was up by 7.42 points or 0.23% to 3,294.85.
On the flip side, Shanghai Composite was down by 3.67 points or 0.11% to 3,218.75.